The Next Acronym You Need to Learn About: RPA

Robotic Process Automation (RPA) is another component of Artificial Intelligence technology, which is helping small businesses worldwide gain a competitive foothold in the free markets. Aside from other A.I. processes like Semantics technology and machine learning—which can help businesses extract valuable information from all the sources available on the world wide web (from consumer blogs, professional websites, social media sites, virtual libraries and more) and determine as well as predict fluctuations in user/consumer demographics—RPA specifically refers to the application of algorithms and various software to be employed for repetitive and routine tasks that are often performed by humans, and as such its greatest strength is that it can perform tasks non-stop which would normally be hard for human worker to do (considering factors such as mental/physical fatigue, stress and boredom especially when handling repetitive tasks). This can provide businesses with the opportunity to reallocate their labour, and use them for more creative tasks. Continue reading “The Next Acronym You Need to Learn About: RPA” »

5 ways technology is impacting the insurance industry.

Technology is changing nearly every facet of life and that includes the business community. More often than not, technology impacts businesses for the better.  Some businesses in the insurance industry are definitely benefitting from technological advances. For many in the industry, the pace at which they are adopting new technologies has been slow compared to the demands of most customers.  One reason for this demand is that millennials are now a new customer base for insurance companies.  Many millennials are now of the age where they are beginning to purchase their own car and health insurance. Some are purchasing homes and some are even starting their own businesses.  What the industry has to deal with is the fact that millennials want to purchase coverage on their terms.  More frequently the place they want to buy coverage is online and via a mobile device.  Because millennials are demanding more out of their relationships with insurance companies many businesses within the industry are beginning to listen to their demands.  Continue reading “5 ways technology is impacting the insurance industry.” »